CLS Bank live with four additional currencies
CLS Bank International (CLS Bank) announces that it will settle payment instructions in four new currencies for the first time this week. This brings to fifteen the number of currencies eligible to settle through CLS Bank.
Following regulatory approval, the Hong Kong Dollar, the Korean Won, the New Zealand Dollar and the South African Rand have been designated as CLS Bank Settlement Eligible Currencies by the CLS Bank Board of Directors. The extension of the CLS Bank service to these currencies enhances systemic stability in the settlement of foreign exchange transactions.
The new currencies join the existing eleven, the Australian Dollar, Canadian Dollar, Danish Krone, Euro, Japanese Yen, Norwegian Krone, Singapore Dollar, Swedish Krona, Swiss Franc, UK Sterling, and US Dollar as CLS Bank eligible currencies.
CLS Bank eliminates FX settlement risk through the world's first simultaneous global multi-currency settlement system, settling payment instructions derived from foreign exchange deals. Over two hundred and fifty institutions are now settling through CLS Bank. Of these, 58 are CLS Bank Members, including four new Members from Korea and South Africa: Korea Exchange Bank, Kookmin Bank, Absa and Standard Bank of South Africa.